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What Do You Do When The Contract Goes Breach; What Happens To The Buyer's Deposit On Cancellation, B. Casey Yim Esq.
What Do You Do When The Contract Goes Breach; What Happens To The Buyer's Deposit On Cancellation, B. Casey Yim Esq.
B. Casey Yim Esq.
Many Real Estate transactions are cancelled, either by the buyer or seller. Sometimes the cancellation is due to a "breach" of the Real Estate Contract by seller or buyer. The next issue is what happens to the Buyer's "earnest money deposit"? The stated answer is in the contract itself, however, the wording of the language used may create more trouble than they are worth. This article describes the rights and liabilities of the parties to recover the deposit.